Roofing Insurance for New York Contractors
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Looking for the finest roofing insurance coverage in New York? Look no further! Our trustworthy insurance provider offers a range of coverage options, including General Liability, Commercial Auto, Worker’s Compensation, and more.
As a roofing contractor in New York, it is necessary to have adequate insurance coverage to protect yourself and your business from potential liabilities that may arise from accidents, property damage, or legal disputes. The following are the main insurances needed as a roofer contractor in New York.
If you want to get the best coverage now, from the best carriers and at the lowest price, call us at (866) 225-1950 or click for a free quote. We can assist you and answer all your questions 24/7!
General Liability Insurance for Roofing Contractors in New York
General liability insurance represents an important coverage for any roofing contractor as it protects your business against third-party claims of bodily injury or property damage. For example, if a passerby gets injured from falling debris while your team is working on a roof, general liability insurance can help cover the medical expenses and legal fees associated with the claim. General liability insurance typically covers property damage, bodily injury, personal injury, and advertising injury.
It is important to keep in mind that there are exclusions that may prevent coverage when obtaining General Liability Insurance. Therefore, before getting insurance, it’s essential to review the following exclusions:
You can purchase general liability insurance on its own. Alternatively, it can be included in a company owner’s policy package along with property insurance (explained later).
Open roof exclusion
- Loss that occurs while trusses or roof is uncovered or exposed.
Heating equipment
- Loss that occurs while using heating equipment, such as hot tar roofing.
Buildings exceeding three stories in height
- Work on properties over 3 stories due to high risk.
Certain property types
- Coverage for specific property types, such as condos, churches, medical facilities, and large buildings.
General liability insurance covers a wide range of risks that roofing contractors may face. Some examples of incidents that may be covered by this type of insurance include:
- Property damage
- Bodily injury
- Advertising injury
- Completed work
Workers’ Compensation Insurance for Roofing Contractors in New York
Workers’ compensation insurance covers medical expenses and lost wages when an employee becomes ill or injured on the job. This business insurance is usually required by law in most states, especially New York.
Your employee can file a workers’ compensation claim for his or her injuries and receive payment for a variety of things, including lost income, past medical expenses caused by the injury, and future medical treatment. With this type of insurance, you can be sure that your employees will be able to make ends meet while they’re out of work for treatment. New York workers’ compensation insurance is often purchased through a private insurance company.
Commercial Auto Insurance for Roofing Contractors in New York
Commercial auto insurance provides protection for cars, trucks, and vans that are used for business purposes. This coverage is essential for roofing contractors, just like auto insurance for individuals. New York commercial auto insurance offers flexible options for coverage, limits, and ineligibility. It can also cover a fleet of vehicles.
There are two types of physical damage coverage for New York commercial auto insurance: comprehensive loss and collision loss. Collision loss covers damage from car accidents, while total loss covers damage from theft, natural disasters, and other sources.
In addition to physical damage coverage, commercial auto insurance also includes two different types of liability coverage. Property damage coverage covers damage to someone else’s property as a result of an accident that was your fault. Bodily injury insurance covers injuries sustained by others after an accident for which you were at fault.
If your roofing company regularly uses automobiles, it’s important to consider purchasing New York commercial auto insurance. This type of small business insurance is typically recommended for companies that use trucks, plows, or delivery vans.
Builder’s Risk Insurance for Roofing Contractors in New York
Builder’s Risk Insurance is a type of insurance that provides coverage for ongoing construction projects. In New York, this insurance is essential to protect against damages caused by events such as lightning, fire, explosion, vandalism, theft, and natural disasters.
Builder’s risk insurance is not limited to the builder alone. Anyone who has a financial stake in the construction project should be covered under the policy, including the landlord, lender, general contractor, architects, and subcontractors. This type of insurance provides coverage for various expenses related to the project but excludes coverage for property damage.
Some of the expenses that are covered by New York Builder’s Risk Insurance include real estate taxes, additional interest on loans, and lost sales. It’s important to note that each policy may have different terms and coverage limits, so it’s crucial to work with a licensed insurance professional to determine the appropriate coverage for your construction project.
Inland Marine Insurance for Roofing Contractors in New York
This is not precisely a maritime type of insurance, therefore “inland marine” can be misleading. Tools, equipment, and other goods are covered by an “installation floater” of business insurance known as inland marine insurance while being transported over land, such as by truck or rail, or while being stored off-site.
Contrary to popular belief, general liability or commercial auto insurance often does not cover equipment while in transit. Another name for this is Contractor’s Tool & Equipment Insurance.
You need inland marine insurance if you operate a business that requires you to work off-site, carry tools and equipment, or use borrowed or rented equipment. This is especially true for businesses in the construction industry. Your general contracting business relies on your tools, so having them insured can mean the difference between losing a job and getting it done if they are destroyed or stolen.
Inland marine policies typically cover:
Mobile property at a fixed location, tools, equipment stored at a job site, property loaned to you or temporarily entrusted to you, expensive items (such as fine art, medical equipment, or solar equipment) being moved, etc.
Commercial Umbrella Insurance for Roofing Contractors in New York
New York Commercial Umbrella Insurance offers an extra layer of protection when a claim exceeds the current limits of other liability policies. Without this coverage, any amount not covered by your regular liability policies in New York would have to be paid out of your own pocket, which could result in financial liability that could potentially harm your business.
Standard liability policies may not adequately cover certain expenses, such as legal fees, medical expenses (including current and future treatment), and damage to public or other people’s property. Commercial Umbrella Insurance can provide coverage for these expenses and help protect your business from financial loss.
It’s important to note that each policy may have different terms and coverage limits, so it’s important to work with a licensed insurance professional to determine the appropriate coverage for your business. By obtaining New York Commercial Umbrella Insurance, you can have peace of mind knowing that your roofing business is protected from potential financial risks.
ACORD Certificates for Roofing Contractors in New York
In New York, ACORD Certificates serve as a one-page summary of your company’s insurance coverage. Also known as an ACORD 25 Certificate of Insurance, Certificate of Insurance (COI), or Certificate of Liability Insurance, this document highlights the most important aspects of your policy. When you purchase general liability coverage for your business, your insurance provider will likely issue you an ACORD Certificate of Insurance.
To promote consistency in the handling of liability insurance policy forms and reduce confusion among customers, insurance providers established ACORD in the 1970s. The ACORD organization creates standardized forms, including the ACORD Certificate of Insurance, to make them more widely used and easier to understand across the insurance industry.
Your New York Roofers Insurance Questions Answered
Get answers to your most common questions from Contractors Liability
Typically, you’ll need $1,000,000 per occurrence and $2,000,000 aggregate coverage for General Liability Insurance in New York. This coverage is sufficient for almost 100% of General Liability policies sold in the state, and 99% of the policies we sell are $1,000,000/$2,000,000.
For Worker’s Compensation Insurance in New York, the recommended coverage is $500,000/$500,000/$500,000. This provides coverage for your workers in the event of a claim where the owner is liable for up to $500,000. In most cases, the owner is not liable, and coverage for Workers’ Compensation Insurance is unlimited.
Commercial Auto Insurance: In New York, you should have a Combined Single Limit (CSL) of $1,000,000 for Commercial Auto Insurance, which covers Bodily Injury and Property Damage to the other party combined. Additionally, it’s recommended to have Comprehensive Collision coverage to protect your vehicle. Collision Insurance covers damage from collisions, while Comprehensive Commercial Auto Insurance covers damage from other sources.
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